He believes Ghana is sitting on wealthy natural resources yet poor.
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Ghana in a crisis but why are we sitting on wealth? – Dr. Duffuor asks
The former Governor of the Bank of Ghana (BoG), Dr. Kwabena Duffuor, has revealed that the country is in crisis.
Dr Kwabena Duffuor
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According to him, "The narrative should change immediately, otherwise, our children will not forgive us.
"Our natural resource endowment can change this country if we decide to use them efficiently and honestly...We are not doing that."
Speaking at a forum organised by the Institute for Financial Services Ghana (IFS), he said "We cannot disagree that Ghana is a very wealthy nation but Ghanaians are poor; that's where the problem is.
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"Why are we poor but we are sitting on wealth?”
"So, what do we do?
"So, the clergy, what are you doing?
"The media, what are you doing?" Dr. Duffuor asked.
"Ghana is in a crisis," the owner of defunct UniBank noted.
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UniBank collapsed
The Bank of Ghana revoked the licenses of some banks in its bid to clean up the sector.
The BoG cited various reasons including capital adequacy ratio crisis, poor corporate governance, overexposure to related parties among others.
The Central bank revoked the licenses of five other banks – Unibank, Construction Bank, The Royal Bank, Beige Bank, and Sovereign Bank. Their good assets were merged to form Consolidated Bank, Ghana.
Some of the former owners have been contesting the BoG's decision. Notable among them is Unibank which was owned by a former Finance Minister, Dr. Kwabena Duffuor.
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